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China's Shandong Ruyi Takes 41% Stake in Japan's Renown

TOKYO—Shandong Ruyi of China reached a deal for a large stake in Japanese apparel maker Renown Inc., marking the latest instance of a Chinese firm taking control of a Japanese company.

The struggling Tokyo-based company will issue 33.33 million new shares, or about 4 billion yen ($44.45 million), to the Chinese textile company on July 30. As a result, Shandong Ruyi will hold a 41% stake in Renown.